TIDMBVM
RNS Number : 6712Q
Belgravium Technologies PLC
03 September 2014
3rd September 2014
Belgravium Technologies plc
Interim Results for the Six Months ended 30 June 2014
The Board of Belgravium Technologies plc ((AIM:BVM) 'Belgravium'
or 'the Group'), suppliers of mobile data computing solutions and
managed services to a variety of industrial sectors, is pleased to
announce Interim results for the six months ended 30 June 2014.
Key Financials:
30 June 2014 30 June 2013
-- Turnover GBP4,568,000 GBP4,082,000
-- Profit before tax GBP214,000 GBP43,000
-- Earnings per share 0.22p 0.04p
-- EBITDA GBP422,000 GBP172,000
-- Cash & cash equivalents GBP1,409,000 GBP239,000
Commenting on the interim results, John Kembery, Chairman of
Belgravium, said:
"The results for the first half of 2014 have shown a significant
increase in sales and profits compared to the equivalent period
last year. In addition the Belgravium Group is making good progress
in its strategic objective to reshape the business as a complete
solution provider. As in previous years, trading for the year as a
whole is expected to be second half weighted. The Directors are
encouraged by the level of activity and enquiries and are confident
that a good proportion can be converted to sales in the second
half."
For further information please contact:
Belgravium Technologies Plc John Kembery: 07770 731021
Mark Hardy: 01274 741860
W H Ireland - Nominated Adviser Mike Coe/Ed Allsopp: 0117 945
3470
WH Ireland - Investor Relations Jessica Metcalf: 0113 394 6623
Information on Belgravium Technologies plc can be seen at:
www.belgravium-technologies.com
CHAIRMAN'S INTERIM STATEMENT - 2014
As in previous years, 2014 started quietly but a significant
pick up in trading in the second quarter enabled the Belgravium
Group to finish the half year with profits and earnings per share
significantly better than the first half of 2013.
Results
Group sales increased to GBP4,568,000 compared to GBP4,082,000
in the first half of 2013. Operating profit was GBP215,000 compared
to GBP38,000 in the prior year, which included GBP99,000 of
exceptional costs, largely associated with the acquisition of
Feedback Data which was completed on 31 May 2013.
Finance costs were GBP1,000 and, after an income tax credit of
GBP9,000, the Group produced basic earnings per ordinary share of
0.22 pence per share compared to 0.04 pence in the first half of
2013.
Balance Sheet
At the end of June 2013, cash and cash equivalents were
GBP239,000 and, by the end of June 2014, strong cash flow and the
benefit of some advanced payments saw cash and cash equivalents at
GBP1,409,000. Trade receivables fell significantly from
GBP3,612,000 in 2013 to GBP2,325,000 in 2014.
Strategy
The Group designs, installs and maintains software applications
and solutions for the airline, rail, retail and logistics
industries. In recent years we have progressively moved the
emphasis of our sales and development effort into providing
complete operational solutions as it has become more challenging to
persuade customers that they need specialised hardware. Our
software now provides for a much wider range of functions, whilst
working with hardware that may be not of our design. Over the years
we have developed software that covers many of the functions needed
in a modern system but it has been our practice to complement this
with other companies' products where we do not have aspecialised
capability as, for example, in commercial vehicle tracking and
telematics. Simply stated, we must continue to seek to provide
complete data capture solutions because this strategy produces long
term working relationships with customers and increases repeat
revenues. We shall continue to work with companies which have parts
of the solution that we need and when possible we shall buy into
those companies.
During the period we received an unsolicited approach from one
such partner, a telematics company, Trakm8 Holdings plc, to acquire
all of the issued share capital of Belgravium. Whilst there would
have been some commercial benefits to a combination of the two
businesses, the Board did not consider that the proposed indicative
offer value adequately reflected the value of Belgravium and
therefore that it would not receive the support of shareholders.
Discussions were therefore terminated.
Development
The Group has continued with product evolution and development
as a key part of the business strategy. The developments underway
will allow all our software applications to run on multiple
operating systems which now include Android and Apple iOS, where
previously the only choice was Windows.
In June this year we launched our latest SkyPos application
software for the mobile retail on-board sales for airlines to run
on these multiple platforms and, in particular, Apple iOS, being
the first of its kind in the airline industry.
In the same way that our software must run on other operating
systems, this also applies to the hardware we supply. There is a
market movement to support Android as well as Windows on mobile
devices and our in-house development to provide this is making good
progress. In addition, all Belgravium developed products have been
upgraded to the latest specification processors for optimum power
and to assist in reducing the overall production costs.
Operations
Good progress has been made in the mobile retail market. As well
as new product developments, we have secured a number of notable
contracts, in particular two for the rail industry, one with First
Great Western in the UK and the other with Leo Express in the Czech
Republic. Our skills and experience in on-board retail sales for
airlines has allowed us to gain traction into the rail industry and
is now an important area of focus for us going forward.
Following an intensive period of effort we have now signed a
distributor in the Japanese marketspecialising in the supply of
systems into hazardous areas for both manufacturing and logistics.
Although sales to Japan have been relatively small at this stage
they do represent pilots for projects that should provide a
platform for an increase in overall sales into this region.
A number of pilot systems have been delivered into the transport
sector and are progressing well. Two are to oil distribution
customers and are for around 1,000 vehicles. More recently, we
secured a pilot system for the supply of Proof of Delivery software
to operate on Android based mobile phones. The pilot will run
through to November and, if successful, the system will be deployed
in over 2,000 vehicles.
Feedback Data, acquired in May 2013, continues to perform well,
consolidating its position as a leading supplier of access control
and workforce data capture solutions for customers with
sophisticated needs. With Group support, Feedback Data has
delivered a new range of fixed and mobile data capture devices that
include a rugged waterproof attendance terminal for food production
and manufacturing plants and a low cost biometric terminal for the
facilities management and cleaning sectors.
In addition, Feedback has secured and renewed a number of key
maintenance and service contracts in the defence, food
manufacturing and retail sectors. It has continued to invest in its
Fastlane cloud based device management platform and its new access
control and visitor management software suites. This has resulted
in the award of a number of high profile contracts including a
security and access control solution for Harrods and a new HQ wide
access control system for a global supplier of a variety of high
technology products.
Outlook
The results for the first half of 2014 have shown a significant
increase in sales and profits compared to the equivalent period
last year. In addition the Belgravium Group is making good progress
in its strategic objective to reshape the business as a complete
solution provider. As in previous years, trading for the year as a
whole is expected to be second half weighted. The Directors are
encouraged by the level of activity and enquiries and are confident
that a good proportion can be converted to sales in the second
half.
Consolidated income statement
for the six months ended
30 June 2014
6 months to 6 months to
30 June 2014 30 June 2013
Notes Total Total
(Unaudited) (Unaudited)
GBP'000 GBP'000
Revenue 4,568 4,082
--------------- ---------------
Operating profit before
exceptional items 215 137
Exceptional items 3 - (99)
--------------- ---------------
Operating profit 215 38
Finance income - 7
Finance expense (1) (2)
--------------- ---------------
Profit before income
tax 214 43
Income tax credit 9 -
--------------- ---------------
Profit for the period
attributable to equity
shareholders 223 43
--------------- ---------------
Basic earnings per ordinary
share (pence) 2 0.22 0.04
--------------- ---------------
Consolidated statement of changes in equity
for the six months ended 30 June 2014
Share capital Share premium Capital Profit Total
account redemption and loss
(Unaudited) (Unaudited) reserve account
GBP'000 GBP'000 (Unaudited) (Unaudited)
GBP'000 (Unaudited) GBP'000
GBP'000
At 30 June 2013 5,047 2,932 2,100 994 11,073
Profit for the period - - - 176 176
At 31 December 2013 5,047 2,932 2,100 1,170 11,249
Profit for the period - - - 223 223
Equity dividends - - - (101) (101)
At 30 June 2014 5,047 2,932 2,100 1,292 11,371
-------------- -------------- ------------- ------------- -------------
Consolidated balance sheet
as at 30 June 2014
As at As at As at
30 June 2014 30 June 2013 31 December
(Unaudited) (Unaudited) 2013 (Audited)
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets
Goodwill 9,495 9,495 9,495
Development expenditure 616 544 556
Property, plant and equipment 195 236 213
Deferred income tax assets 66 - 66
10,372 10,275 10,330
-------------- -------------- ----------------
Current assets
Inventories 1,633 1,518 1,774
Trade and other receivables 2,325 3,612 2,681
Cash and cash equivalents 1,409 239 219
-------------- -------------- ----------------
5,367 5,369 4,674
-------------- -------------- ----------------
Total assets 15,739 15,644 15,004
-------------- -------------- ----------------
Current liabilities
Trade and other payables 3,629 3,632 2,962
Deferred income tax liabilities - 28 -
Borrowings 14 13 13
Short term provisions 7 22 7
-------------- -------------- ----------------
3,650 3,695 2,982
-------------- -------------- ----------------
Non current liabilities
Deferred income 702 846 750
Borrowings 16 30 23
-------------- -------------- ----------------
Total liabilities 4,368 4,571 3,755
-------------- -------------- ----------------
Capital and reserves attributable
to owners of the parent
Share capital 5,047 5,047 5,047
Share premium reserve 2,932 2,932 2,932
Capital redemption reserve 2,100 2,100 2,100
Profit and loss account 1,292 994 1,170
-------------- -------------- ----------------
Total equity 11,371 11,073 11,249
-------------- -------------- ----------------
Total equity and liabilities 15,739 15,644 15,004
-------------- -------------- ----------------
Consolidated cash flow statement
For six months to 30 June 2014
6 months 6 months
to to
30 June 30 June
2014 (Unaudited) 2013 (Unaudited)
GBP'000 GBP'000
Cash flows from operating activities
Operating profit 215 38
Depreciation 63 57
Amortisation 144 77
Movement in:
Inventories 141 59
Trade and other receivables 356 (1,183)
Trade and other payables 619 371
Cash generated/(used) from operations 1,538 (581)
Interest received - 7
Interest paid (1) (2)
Corporation tax received 9 -
Net cash generated/(used) from operating activities 1,546 (576)
Cash flows from investing activities
Acquisition of subsidiary undertakings (net of cash
acquired) - (232)
Amount paid to clear intercompany balances - (368)
Purchase of intangible assets (204) (76)
Purchase of property, plant and equipment (45) (17)
------------------ ------------------
Net cash used in investing activities (249) (693)
------------------ ------------------
Cash flows from financing activities
Repayment of finance lease contracts (6) (5)
Dividends paid to company's ordinary shareholders (101) (101)
Net cash used in financing activities (107) (106)
------------------ ------------------
Net increase/(decrease) in cash and cash equivalents 1,190 (1,375)
Cash, cash equivalents and bank overdrafts at the
beginning of the period 219 1,614
------------------ ------------------
Cash, cash equivalents and bank overdrafts at the
end of the period 1,409 239
------------------ ------------------
Notes to the interim report
For the six months to 30 June
2014
1. This financial information comprises the condensed consolidated interim
balance sheet as at 30 June 2014 and 30 June 2013 and related consolidated
interim statement of income and cash flows for the six months then
ended of Belgravium Technologies plc (hereinafter referred to as 'financial
information'). Belgravium Technologies plc is listed on the AIM, a
market operated by London Stock Exchange plc. This financial information
for the half year ended 30 June 2014 has neither been audited nor reviewed
and does not comprise statutory accounts within the meaning of section
434 of the Companies Act 2006. This financial information was approved
by the Board on 2 September 2014.
This financial information has been prepared in accordance with pronouncements
on interim reporting issued by the ASB, AIM Rule 18 and the accounting
policies set out in the 2013 annual report and financial statements
which are prepared in accordance with IFRS as adopted by the European
Union. The Group has chosen not to adopt IAS 34 'Interim financial
statements' in preparing this financial information. This financial
information has been prepared under the historical cost convention.
The audited accounts for the year ended 31 December 2013 upon which
the auditors issued an unqualified opinion, have been delivered to
the Registrar of Companies. The audit report on the 2013 accounts did
not contain an emphasis of matter paragraph and did not contain a statement
made under section 498 of the Companies Act 2006.
2. Earnings per ordinary share
2014 2013
(Unaudited) (Unaudited)
GBP GBP
Basic earnings per ordinary
share (pence) 0.22p 0.04p
--------------- ----------------
Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of ordinary
shares outstanding during the period.
2014 2013
(Unaudited) (Unaudited)
Weighted Weighted
Earnings average number Earnings average number
GBP'000 of shares GBP'000 of shares
(in thousands) (in thousands)
Basic EPS
Earnings attributable to ordinary
shareholders 223 100,937 43 100,937
------------- ------------------ --------------- ----------------
3. Exceptional items
2013
(unaudited)
GBP'000
Re-structuring costs 44
Deal costs 55
-------------
99
-------------
There are no exceptional items
in 2014
4. Acquisitions
On 31 May 2013 the Company acquired the entire share capital of Feedback
Data for a total consideration of GBP243,000 being the fair value of
the consideration.
GBP'000
The book and fair value of the assets acquired are as follows:
Intangible assets
Other 264
Fixed assets 13
Stock 123
Debtors 323
Cash 11
Creditors (862)
---------
Net liabilities acquired (128)
Goodwill 371
243
---------
Satisfied by
---------
Cash 243
---------
5. The Company is not declaring an interim dividend in the half year ended
30 June 2014 (2013: Nil). The dividend paid in the period relates to
the final divided for the year ended 31 December 2013.
6. Copies of this statement will be made available to the public at the
Company's office:- 2 Campus Road, Listerhills Science Park, Bradford,
West Yorkshire, BD7 1HR, or can be obtained from the Company's website
at www.belgravium-technologies.com
This information is provided by RNS
The company news service from the London Stock Exchange
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